The Bitcoin Cash price has seen significant gains over the past 24 hours, bucking a mostly downbeat trend in the broader cryptocurrency market. While most of its top 10 rivals are currently in the red, Bitcoin Cash has surged more than 16%, with its price currently hovering around $370. The Bitcoin offshoot was trading higher and even made an attempt at $400 earlier in the session.
The digital coin closed yesterday’s session at $313.64, according to data from cryptocurrency tracker Coinmarketcap.
Out of the blue
The gains are not consistent with Bitcoin Cash’s performance of late. The cryptocurrency, which was created on August 1, when a hard fork split the legacy Bitcoin blockchain, has struggled over the past week or so, with its price falling to as low as $304. Because of the decline, Bitcoin Cash has been overtaken by Ripple as the third-largest cryptocurrency on the market.
There appears to be no particular catalyst for today’s rally, which suggests that it might be a short-lived one. The most recent pullback from an intraday high of $394 seems to support this.
The price spike coincides with a considerable increase in market activity. A breakdown of Bitcoin Cash’s 24-hour trading volume, which is currently standing at just over $708 million, reveals that the majority of trading is taking place on South Korean exchanges. South Korea’s largest cryptocurrency platform Bithumb accounts for 44.2% of the total volume, while local peers Coinone and Korbit capture 10.1% and 9.8%, respectively.
In today’s trading, the Bitcoin Cash price stood at $368.13, as of 14:16 BST. The coin has gained 16.7% over the past 24 hours, according to Coinmarketcap.